Insight
Upstream licensing round quarterly: an underwhelming end to 2021
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Report summary
A “new normal” emerged in 2021, with smaller rounds and more selective bidders. Q4 closed with underwhelming results. The number of newly launched rounds picked up from earlier quarters, and they offer a wide variety of opportunities around the globe. Despite hopes for a revival, the total acreage awarded in 2021 was down by more than one-third compared to 2020. In contrast, the number of licences awarded increased, reflecting smaller block sizes. The drivers for changing licensing patterns are short-term, long-term and structural. They have wide implications for the future of exploration.
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